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Since the beginning of the year the yield on the 10year note has seen a decline from (3.036%) to a low of (2.579%) of February 3, 2014. (Currently around 2.644%)
This seems to be taking its toll on the financial sector and in particular the insurance stocks. They have been under performers this year so far with names like AFL, HIG, MET and PRU all down more than the S&P 500. Lower rates are a negative for these companies as it hurts their earnings. So if rates continue to fall, coupled with a weaker overall market the insurers could be hit with a double whammy.
We will keep an eye on these names and the overall financial sector and see if yields continue to head lower.
Elite Round Table
As a day trader you must keep the odds in your favor. Today, I personally only took a few scalp trades in this slower session, as the markets are waiting on the Beige book. So, when you are looking for trades in a market where there is almost no action; you must enter only the stocks which have multiple factors in your favor - this is how you increase your winning odds in a slow market.
For example, this morning I Scalped BIDU for an easy, but modest $50.00 profit in seconds. The move in the stock was $1.50. Even if you bought only 500 shares of this stock, you are making great profits. But let’s go over this trade here and why I liked it. I noticed BIDU was piercing the 10min chart 200 ma, with the lighter volume, I knew that the 50ma would not be touched. My entry on this trade was $151.15, and it worked out for a nice gain. To summarize, on lighter volume or lacking action days in the markets, cut your share size down, and look for multiple factors to increase your odds of success.
Kristof De Block
Elite Round Table
This morning, the leading semiconductor equipment makers are selling off at the start of the trading session. Some of the leading semiconductor equipment makers that are coming under early pressure include KLA-Tencor Corp (KLAC), Applied Materials Inc (AMAT), and Lam Research Corp (LRCX). These stocks are certainly being affected by the Intel Corp (INTC) earnings report which obviously stated a lack of new research and development spending. Short term day traders can watch for intra-day chart support for KLAC stock around the $62.50 level. This is an area where the stock could stage a decent intra-day bounce. Today, KLAC stock is trading lower by $1.32 to $62.84 a share.